GTECH and IGT merges as largest gambling acquisition
21 April 2015
Interactive gaming software giant GTECH has merged with IGT, global leader in designing and manufacturing of gambling equipment in a multi-billion dollar acquisition. This deal has now been finalised and is seen as the largest acquisition to date in the history of the gambling industry, with a sealed merger at $6.4 billion dollars.
GTECH has made a purchase of $4.7 billion dollars and shares for IGT, along with absorbing the US Company’s net debt of $1.7 million dollars. Under the merger agreement the new company will be known as IGT and will have its operations headquarters based out of London. GTECH chief executive officer, Marco Sala will now become the new chief executive officer of the all new IGT.
“Regulated gaming clients across both the government and private sectors are seeking reliable, secure and innovative ways to increase revenue and drive profitability, and IGT is the trusted go-to partner in this space,” said Sala. “We will provide top-performing content across multiple platforms, enabling players to experience their favourite games across all regulated segments and channels, all with our unwavering customer first approach. “With a truly global reach, we will share expertise and experience both geographically and across market segments. The combination of GTECH and IGT is a winning combination.”
Current strategic offices will continue operations in their respective designated locations, such as the Italian capital city of Rome, Providence in the U.S State of Rhode Island and Las Vegas, Nevada. In addition to the appointment of the new group chief executive officer, Marco Sala, the new formed group has also appointed chief executives for their respective geographical zones namely, Renato Ascoli as executive officer for North America Gaming, Walter Bungo as global executive officer, Fabio Cairoli as executive officer for Italy and Michael Chambrello as executive officer for North America lottery.
The new merged company started trading shares about two weeks ago on the New York Stock Exchange (NYSE). The New York Stock Exchange group president Mr Thomas W. Farley said that they were pleased to welcome IGT to the NYSE. He further mentioned that IGT is a premier global gaming operator who is shaping the future of entertainment and gaming and an excellent addition to the NYSE’s community of the world’s leading companies.